Subject: File No. SR-NYSE-2004-05
From: George W. Mann Jr., EVP & General Counsel
Affiliation: Boston Stock Exchange

From: mann, george []
Sent: Wednesday, September 22, 2004 11:18 AM
To: ''
Cc: Kathy England (E-mail); boese, john; colby, brian; ham, daniel
Subject: Amendment No. 1 to File No. SR-NYSE-2004-05


The Boston Stock Exchange has reviewed the Amendments to NYSE Direct + and has a number of questions. We have attached these questions and hope you will be able to respond to each specifically in helping us to understand completely how the NYSE's Hybrid Market Model will operate in the future. We have included some questions based on assumptions from the filing but would like to see confirmation in writing from you in order to confirm our understanding of this Amended Rule.

We also understand that this filing is incomplete with respect to the LRP and that we may have further questions on that portion of Direct + when it is amended. In addition, we may have follow up questions to the answers to the attached questions.

You may contact me at 617-235-2005 if you need further clarification on any of these questions. In my absence you may contact Brian Colby (2158) or Dan Ham (2157).

Thank you,

George W. Mann Jr.
EVP & General Counsel
Boston Stock Exchange